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Financial News: Australia's Manufacturing Sector Expands At Slower Pace

Australia's Manufacturing Sector Expands At Slower Pace

10/01/2019 - 00:26:00 (RTTNews)

(RTTNews) - Australia's manufacturing sector expanded at a slower pace in September, survey results from IHS Markit showed Tuesday.

The Commonwealth Bank manufacturing Purchasing Managers' Index fell to 50.3 in September from 50.9 in August. A score above 50 indicates expansion in the sector.

The reading signaled the weakest growth since the survey began in May 2016.

A weakening sales trend led to lower production volumes and decreased payroll numbers. Firms reduced their purchasing activity and inventories of both inputs and finished goods fell further.

On price front, the survey showed that input inflation remained solid, but charges rose only marginally. Although business sentiment dropped to a four-month low, it remained positive.

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